The Federal Reserve announced a quarter-point reduction in its benchmark interest rate, marking the second rate cut of the year. Federal Reserve Chair Jerome Powell highlighted division within the Federal Open Market Committee regarding further easing, emphasizing that another cut in December is not a certainty. Powell noted robust consumer spending alongside a significant slowdown in hiring, complicating the economic outlook.

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US President Donald Trump and Chinese President Xi Jinping have reached a one-year trade agreement that includes the postponement of Chinese export controls on rare earths and a reduction in US tariffs on fentanyl-related products. The deal, announced after a summit in South Korea, aims to stabilize trade relations and includes discussions on semiconductors.

Treasury yields surged after Federal Reserve Chair Jerome Powell said a December rate cut was not to be counted on despite a reduction in the benchmark rate to 3.75% to 4% this week. Powell's comments led traders to revise expectations for future rate cuts, causing a significant sell-off in the bond market. The Fed also announced the end of its balance sheet reduction program, further influencing market dynamics.

US stocks ended mixed Wednesday after Federal Reserve Chair Jerome Powell said a December rate cut was "far from" certain. The Dow slipped 0.2%, while the S&P 500 was flat and the Nasdaq gained 0.5%, buoyed by tech strength. Nvidia and Apple hit new milestones, with Nvidia topping $5 trillion in market value and Apple closing above $4 trillion, offsetting weakness from tariff worries and profit-taking in other sectors.

Bipartisan negotiations to end the 30-day government shutdown are showing signs of renewed momentum, with Senate Majority Leader John Thune indicating he expects to engage with Senate Democrats soon. While formal leadership-level talks between Thune and Senate Minority Leader Chuck Schumer have not occurred, informal discussions among rank-and-file members are intensifying as critical deadlines approach, including the looming cutoff of federal food aid.

New York City has reported a significant decrease in opioid overdose deaths for the first time in nearly 10 years, with 2,192 deaths in 2024 compared to 3,056 in 2023. City officials attribute this decline to proactive use of opioid settlement funds and investments in treatment programs. While overdose deaths have fallen across most demographic groups and neighborhoods, racial disparities persist, with Black and Latino residents still dying at twice the rate of white residents.

Bissinger's Handcrafted Chocolatier recently opened its first New York City store in Macy's Herald Square. The family-owned brand, with origins dating back over 350 years to Paris, is known for its artisanal chocolates and old-world craftsmanship. The new boutique on the sixth floor of Macy's will offer a sensory experience with curated displays and tasting stations.